The recent sustained surge in the value of the second-ranked cryptocurrency, Ethereum, has resulted in the asset recording increased network activity.
In October, the Ethereum network address activity gained 48% after plummeting in late September, according to on-chain data provided by Santiment.
Over the same period, the value of Ethereum has hit a new record high growing by about 43% since October. The second-ranked cryptocurrency has managed to sustain the rally despite plunging to about $1,780 on July 21.
The network activity potentially reflects Ethereum’s role in the crypto ecosystem as the dominant blockchain used for building thousands of decentralized applications (dApps).
